Imax posts Q2 earnings up 240% on increased global scale
The Canadian exhibitor added theatres and drove box office revenue with Hollywood titles like Prometheus and The Amazing Spider-Man.
Imax on Thursday unveiled sharply higher earnings as the benefits of global scale for its theater network throw off increased recurring revenues.
Toronto-based Imax posted a profit of $11.1 million for the second quarter to June 30, against earnings of $1.82 million in 2011.
Overall revenue jumped 23% to $70.2 million, with 54% of growth in the revenue line coming from recurring revenues.
As Imax installed more theaters during the latest quarter, including in China and Russia, it also drove revenue from Hollywood titles like Prometheus and The Amazing Spider-Man.
“Global demand for the Imax experience is as strong as ever, as evidenced by our box office performance, our upcoming lineup of films and a robust pipeline of theatre deals,” said Imax chief CEO Richard Gelfond in a statement.